< News | 05.07.2017

Learning from history

Learning from history

In May the Bolton institute took 10 members down to Lloyd’s of London for a daytrip.

Philip Roath, motor engineer at Axa Insurance, shares his experience of the day: “Our tour started at Lloyd’s with Nick Plastow from the CII. A modern and functional building, we were told that the strict dress code had been relaxed to reflect this, however we were hard pushed to find anyone actually break the convention. We saw Lloyd’s through the ages, from the old library to the state of the art trading floor where we were enlightened as to how a syndicate works in practice.

“For anyone who doesn’t work there, I think ‘reinsurance for large risks’ is the best way to describe Lloyd’s. They are equipped to handle high value low volume such as aviation, marine, or reinsurance of a book of business for regulatory reasons, or even just to spread the risk. It is very much the opposite of volume motor insurance to the general public. A little like mass and complex. The big insurers do mass and low value, whereas Lloyd’s do complex and high value.”

See www.cii.co.uk/bolton for further event details or follow them on Twitter @BoltonCII

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